Patisserie Holdings has confirmed the sale of Patisserie Valerie, to Dublin-based Causeway Capital, and its sandwich shop business Philpotts to retail, wholesale and distribution firm A.F Blakemore, for £13m.

The total consideration is made up of £10m in cash and £3m deferred consideration. It is understood that KMPG had hoped to raise £23m from the sale.

The sales of both businesses will collectively preserve all 117 stores, safeguarding approximately 2,000 jobs. Causeway Capital has acquired a total of 96 Patisserie Valerie sites and A.F Blakemore & Sons all 21 Philpotts stores in the UK.

Patisserie Holdings said that there had been strong interest in the Baker and Spice business, with an update to be provided shortly.

David Costley-Wood, partner at KPMG and joint administrator, said: “To have been able to secure the future of the majority of the Patisserie Valerie and Philpotts business, along with such a significant number of jobs, all against a challenging backdrop, is really pleasing.

“It was clear from the outset of our appointment that the loyalty shown in the brands from their very many customers was a significant factor in ensuring that these businesses would remain part and parcel of our high streets.

He added: “We are particularly grateful for the support of stakeholders, including the suppliers and employees, whose support throughout this process has been integral to securing such a positive outcome.”